!!!!!!!!NEWS RELEASE!!!!!!!
Subject:
Stockwatch: USA Video Interactive Corp - News Release
Date:
Mon, 03 Nov 1997 06:47:32 -0800
From:
newsout@canada-stockwatch.com
To:
edpak@georgian.net
New technology platform acquired
USA Video Interactive Corp US
Shares issued 28,932,088 Oct 31 close $0.30
Mon 3 Nov 97 News Release
Mr Edwin Molina reports
The company has agreed to purchase up to a 50% equity interest in Callisto
Media Systems, for $2.5 million. This transaction will be completed in
stages within the next 15 months to coincide with product enhancement
milestones to the patented video server architecture. USA Video is also
negotiating an option to acquire the remaining shares of Callisto.
Through this acquisition, USA Video is able to enhance technology by
offering the next generation in Video On Demand solutions comparable to
having access to a virtual video store through a computer and ultimately
through a television. Users will be able to take continuing education
courses from their computer, at their convenience and will have real time
access and full control over vast libraries of educational courses,
information, news, movies, plays, travel, and music videos. Through its
co-marketing alliance with Rogers Network Services, USA Video will be
commencing trials of the Callisto Video On Demand system at a major
Canadian institution for company wide corporate training and customer
service applications. The business case for deployment is based on
significant savings and enhanced service for employee training and product
marketing.
Callisto's technology significantly advances video delivery to the office
and home, enabling tens of thousands of users to simultaneously access and
view video files. Callisto was responsible for a Video On Demand pilot
project at the Canadian House of Commons, and is implementing the
application with all the school boards in the greater Ottawa Carleton
region as part of the OneWorld project, delivering cost effective
management and manipulation of video assets for historical archives and
distance learning applications. Callisto will use proceeds from the sale to
finance development of its patented video server architecture and for
working capital purposes. <P> Founded in 1995, Callisto develops,
integrates, markets and sells its proprietary video applications and
solutions to corporate, educational, network service provider and telco
markets. Callisto's patented, platform independent architecture with a
browser based application -- Voyager, provides a powerful platform to
support tens of thousands of simultaneous subscribers and store thousands
of hours of MPEG video content for distribution over broadband networks,
for the viewing and management of digital video assets. Callisto is
leveraging alliances with SUN Microsystems and other major industry players
to accelerate development and exploit larger market opportunities.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
